Russia has finally come out and openly stated that its oil price caps would be costly for energy markets. In a statement broadcast Thursday on Kommersant.ru, Russia said it will not supply oil to countries that decide to impose a price ceiling on its oil. Deputy Prime Minister Alexander Novak called the idea of ​​G7 countries capping the price of Russian oil “absolute nonsense” that would destabilize the entire industry. According to the minister, Russia will not supply oil and oil products to those countries that support the establishment of such a limit. “We just for such companies or countries that will impose restrictions, we will not supply them with oil and oil products, since we will not work in non-market conditions,” said the deputy prime minister. Novak further said that Russian companies were adequately prepared for an oil embargo by the European Union and will manage to maintain oil production at the same level. According to Novak, Russia’s production by the end of the year could reach 520-525 million tons compared to last year’s output of 524 million tons.[productionbyyear-endcouldreach520-525milliontonscomparabletolastyear’sproductionof524milliontons[productionbyyear-endcouldreach520-525milliontonscomparabletolastyear’sproductionof524milliontons The cap regime, which was first put on the table in June by US Treasury Secretary Janet Yellen, could be set at half the purchase price from Russia, although the form of the final deal and the price level have not been yet to be announced. The original idea was to maintain a cap above Russia’s production costs to keep Russian oil on the market but reduce revenue for its war coffers. On Wednesday, Yellen said she was “optimistic” that the G7 would reach an agreement to contain prices. He also met with UK Chancellor of the Exchequer Nadhim Zahawi, who offered British support for the plan but noted that to be more effective, the plan would require more countries to participate. While Russian crude is now selling at a discount of $20/barrel, it has not worked to stem Moscow’s oil revenues thanks to Russia finding new markets in India and China. New reports have emerged that in the second quarter, India cut crude imports from the United States by one million metric tons while sharply increasing imports of discounted Russian oil. India’s energy mix now looks dramatically different from a year ago. Last year, Russian oil in India’s crude basket amounted to a paltry 2.2%, while in the US it was 9.2%. currently, Russia accounts for nearly 12.9% of India’s crude imports, while the US’s share has fallen to just 5.4% By Alex Kimani for Oilprice.com More top reads from Oilprice.com:

title: “Oil Prices Fall More Than 3 As G7 Discuss Price Cap On Russian Crude Klmat” ShowToc: true date: “2022-10-22” author: “Cassie Harper”

Russia has finally come out and openly stated that its oil price caps would be costly for energy markets. In a statement broadcast Thursday on Kommersant.ru, Russia said it will not supply oil to countries that decide to impose a price ceiling on its oil. Deputy Prime Minister Alexander Novak called the idea of ​​G7 countries capping the price of Russian oil “absolute nonsense” that would destabilize the entire industry. According to the minister, Russia will not supply oil and oil products to those countries that support the establishment of such a limit. “We just for such companies or countries that will impose restrictions, we will not supply them with oil and oil products, since we will not work in non-market conditions,” said the deputy prime minister. Novak further said that Russian companies were adequately prepared for an oil embargo by the European Union and will manage to maintain oil production at the same level. According to Novak, Russia’s production by the end of the year could reach 520-525 million tons compared to last year’s output of 524 million tons.[productionbyyear-endcouldreach520-525milliontonscomparabletolastyear’sproductionof524milliontons[productionbyyear-endcouldreach520-525milliontonscomparabletolastyear’sproductionof524milliontons The cap regime, which was first put on the table in June by US Treasury Secretary Janet Yellen, could be set at half the purchase price from Russia, although the form of the final deal and the price level have not been yet to be announced. The original idea was to maintain a cap above Russia’s production costs to keep Russian oil on the market but reduce revenue for its war coffers. On Wednesday, Yellen said she was “optimistic” that the G7 would reach an agreement to contain prices. He also met with UK Chancellor of the Exchequer Nadhim Zahawi, who offered British support for the plan but noted that to be more effective, the plan would require more countries to participate. While Russian crude is now selling at a discount of $20/barrel, it has not worked to stem Moscow’s oil revenues thanks to Russia finding new markets in India and China. New reports have emerged that in the second quarter, India cut crude imports from the United States by one million metric tons while sharply increasing imports of discounted Russian oil. India’s energy mix now looks dramatically different from a year ago. Last year, Russian oil in India’s crude basket amounted to a paltry 2.2%, while in the US it was 9.2%. currently, Russia accounts for nearly 12.9% of India’s crude imports, while the US’s share has fallen to just 5.4% By Alex Kimani for Oilprice.com More top reads from Oilprice.com:

title: “Oil Prices Fall More Than 3 As G7 Discuss Price Cap On Russian Crude Klmat” ShowToc: true date: “2022-12-18” author: “Brandon Rodriguez”

Russia has finally come out and openly stated that its oil price caps would be costly for energy markets. In a statement broadcast Thursday on Kommersant.ru, Russia said it will not supply oil to countries that decide to impose a price ceiling on its oil. Deputy Prime Minister Alexander Novak called the idea of ​​G7 countries capping the price of Russian oil “absolute nonsense” that would destabilize the entire industry. According to the minister, Russia will not supply oil and oil products to those countries that support the establishment of such a limit. “We just for such companies or countries that will impose restrictions, we will not supply them with oil and oil products, since we will not work in non-market conditions,” said the deputy prime minister. Novak further said that Russian companies were adequately prepared for an oil embargo by the European Union and will manage to maintain oil production at the same level. According to Novak, Russia’s production by the end of the year could reach 520-525 million tons compared to last year’s output of 524 million tons.[productionbyyear-endcouldreach520-525milliontonscomparabletolastyear’sproductionof524milliontons[productionbyyear-endcouldreach520-525milliontonscomparabletolastyear’sproductionof524milliontons The cap regime, which was first put on the table in June by US Treasury Secretary Janet Yellen, could be set at half the purchase price from Russia, although the form of the final deal and the price level have not been yet to be announced. The original idea was to maintain a cap above Russia’s production costs to keep Russian oil on the market but reduce revenue for its war coffers. On Wednesday, Yellen said she was “optimistic” that the G7 would reach an agreement to contain prices. He also met with UK Chancellor of the Exchequer Nadhim Zahawi, who offered British support for the plan but noted that to be more effective, the plan would require more countries to participate. While Russian crude is now selling at a discount of $20/barrel, it has not worked to stem Moscow’s oil revenues thanks to Russia finding new markets in India and China. New reports have emerged that in the second quarter, India cut crude imports from the United States by one million metric tons while sharply increasing imports of discounted Russian oil. India’s energy mix now looks dramatically different from a year ago. Last year, Russian oil in India’s crude basket amounted to a paltry 2.2%, while in the US it was 9.2%. currently, Russia accounts for nearly 12.9% of India’s crude imports, while the US’s share has fallen to just 5.4% By Alex Kimani for Oilprice.com More top reads from Oilprice.com:

title: “Oil Prices Fall More Than 3 As G7 Discuss Price Cap On Russian Crude Klmat” ShowToc: true date: “2022-12-18” author: “Jared Tacy”

Russia has finally come out and openly stated that its oil price caps would be costly for energy markets. In a statement broadcast Thursday on Kommersant.ru, Russia said it will not supply oil to countries that decide to impose a price ceiling on its oil. Deputy Prime Minister Alexander Novak called the idea of ​​G7 countries capping the price of Russian oil “absolute nonsense” that would destabilize the entire industry. According to the minister, Russia will not supply oil and oil products to those countries that support the establishment of such a limit. “We just for such companies or countries that will impose restrictions, we will not supply them with oil and oil products, since we will not work in non-market conditions,” said the deputy prime minister. Novak further said that Russian companies were adequately prepared for an oil embargo by the European Union and will manage to maintain oil production at the same level. According to Novak, Russia’s production by the end of the year could reach 520-525 million tons compared to last year’s output of 524 million tons.[productionbyyear-endcouldreach520-525milliontonscomparabletolastyear’sproductionof524milliontons[productionbyyear-endcouldreach520-525milliontonscomparabletolastyear’sproductionof524milliontons The cap regime, which was first put on the table in June by US Treasury Secretary Janet Yellen, could be set at half the purchase price from Russia, although the form of the final deal and the price level have not been yet to be announced. The original idea was to maintain a cap above Russia’s production costs to keep Russian oil on the market but reduce revenue for its war coffers. On Wednesday, Yellen said she was “optimistic” that the G7 would reach an agreement to contain prices. He also met with UK Chancellor of the Exchequer Nadhim Zahawi, who offered British support for the plan but noted that to be more effective, the plan would require more countries to participate. While Russian crude is now selling at a discount of $20/barrel, it has not worked to stem Moscow’s oil revenues thanks to Russia finding new markets in India and China. New reports have emerged that in the second quarter, India cut crude imports from the United States by one million metric tons while sharply increasing imports of discounted Russian oil. India’s energy mix now looks dramatically different from a year ago. Last year, Russian oil in India’s crude basket amounted to a paltry 2.2%, while in the US it was 9.2%. currently, Russia accounts for nearly 12.9% of India’s crude imports, while the US’s share has fallen to just 5.4% By Alex Kimani for Oilprice.com More top reads from Oilprice.com: